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Apr 01, 2023
Landstar Q1 2023 Earnings Report
Landstar's first quarter performance reflected a challenging freight environment, with revenue and EPS declining compared to the record first quarter of 2022, while maintaining sequential stability in revenue per load.
Key Takeaways
Landstar System reported a decrease in revenue and diluted earnings per share for the first quarter of 2023 compared to the same period in 2022. Revenue decreased to $1.436 billion from $1.971 billion, and diluted earnings per share decreased to $2.17 from $3.34. The company noted that revenue generated via unsided/platform equipment held up better than van equipment and other truck transportation services.
First quarter revenue was $1.436 billion, a decrease from $1.971 billion in the first quarter of 2022.
Diluted earnings per share were $2.17, compared to $3.34 in the first quarter of 2022.
Truck transportation revenue accounted for 92% of total revenue.
The company anticipates second quarter revenue to be in the range of $1.40 billion to $1.45 billion and DEPS to be in the range of $1.90 to $2.00.
Landstar
Landstar
Landstar Revenue by Segment
Revenue by Segment
Van equipment Revenue
CapyFin.comUnsided/platform equip. Revenue
CapyFin.comLess-than-truckload Revenue
CapyFin.comOther truck transport Revenue
CapyFin.comRail intermodal Revenue
CapyFin.comOcean & air cargo Revenue
CapyFin.com Forward Guidance
Landstar anticipates revenue for the second quarter of 2023 to be in the range of $1.40 billion to $1.45 billion and DEPS to be in the range of $1.90 to $2.00.
Positive Outlook
- Anticipates revenue for the 2023 second quarter to be in a range of $1.40 billion to $1.45 billion.
- Expects DEPS to be in a range of $1.90 to $2.00 for the second quarter of 2023.
- Expects truck revenue per load and truck load volume sequential trends closer to pre-pandemic, historical patterns.
- Insurance and claims expense estimated to be similar to the insurance and claims expense reported in the 2023 first quarter.
- Effective income tax rate of 24.4%.
Challenges Ahead
- Truck revenue per load has thus far sequentially trended slightly below first quarter to the beginning of second quarter pre-pandemic, historical patterns.
- The number of loads hauled via truck through the first several weeks of the 2023 second quarter has sequentially trended a bit further below these historical patterns.
- Expects revenue per load on loads hauled via truck to be in a range of 12% to 14% below the 2022 second quarter.
- Expects the number of loads hauled via truck to be in a range of 14% to 16% below the 2022 second quarter.
- Challenging freight environment to begin the 2023 fiscal year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income